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Moody's assigns SandRidge notes B3
Moody's Investors Service said it assigned a B3 (LGD; 75%) rating to SandRidge Energy, Inc.'s pending $300 million senior unsecured note offering.
Moody's said it also affirmed the company's B2 corporate family rating, B2 probability of default rating and B3 senior unsecured note rating while the LGD point estimates were changed to LGD5; 75% from LGD 5; 70%.
The outlook remains stable.
"The affirmation reflects SandRidge's delivery of the expected greatly improved liquidity, modestly reduced leverage, and positive production trends that had already been built into the ratings," commented Andrew Oram, Moody's vice president.
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